1,2,3(1) Notwithstanding anything contained in this Act, where the regular income-tax payable for a previous year by a person, other than a company, is less than the alternate minimum tax payable for such previous year, the adjusted total income shall be deemed to be the total income of that person for such previous year and he shall be liable to pay income-tax on such total income at the rate of eighteen and one-half per cent.
(2) Adjusted total income referred to in sub-section (1) shall be the total income before giving effect to this Chapter as increased by-
(i) deductions claimed, if any, under any section (other than section 80P) included in Chapter VIA under the heading "C.-Deductions in respect of certain incomes"; 4 ***
(ii) deduction claimed, if any, 5 under section 10AA; and
6 (iii) deduction claimed, if any, under section 35AD as reduced by the amount of depreciation allowable in accordance with the provisions of section 32 as if no deduction under section 35AD was allowed in respect of the assets on which the deduction under that section is claimed.
(3) Every person to whom this section applies shall obtain a report, in such form as may be prescribed, from an accountant, certifying that the adjusted total income and the alternate minimum tax have been computed in accordance with the provisions of this Chapter and furnish such report on or before the due date of furnishing of return of income under sub-section (1) of section 139.
7 (4) Notwithstanding anything contained in sub-section (1), where the person referred to therein, is a unit located in an International Financial Services Centre and derives its income solely in convertible foreign exchange, the provisions of sub-section (1) shall have effect as if for the words "eighteen and onehalf per cent.", the words "nine per cent." had been substituted.
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1. Ins. by Act 8 of 2011, s. 19 (w.e.f. 1-4-2012).
2. Subs. by Act 23 of 2012, s. 49, for "LIMITED LIABILITY PARTERSHIPS" (w.e.f.
1-4-2013).
3. Subs. by s. 50, ibid., for section 115JC (w.e.f. 1-4-2013).
4. The "word" omitted by Act 25 of 2014, s. 39 (w.e.f. 1-4-2015).
5. Subs. by s. 39, ibid., for "under section 10AA" (w.e.f. 1-4-2015).
6. Ins. by s. 39, ibid. (w.e.f. 1-4-2015).
7. Ins. by Act 13 of 2018, s. 38 (w.e.f. 1-4-2019).
Section 115I Chapter not to apply if the assessee so chooses
Section 115J Special provisions relating to certain companies
Section 115JA Deemed income relating to certain companies
Section 115JAA Tax credit in respect of tax paid on deemed income relating to certain companies
Section 115JB Special provision for payment of tax by certain companies
Section 115JC Special provisions for payment of tax by certain persons other than a company
Section 115JD Tax credit for alternate minimum tax
Section 115JE Application of other provisions of this Act
Section 115JEE Application of this Chapter to certain persons